LONDON (Thomson Financial) - Defence firm Chemring Group PLC said it has
conditionally agreed to acquire Titan Dynamics Systems from The Allied Defense
Group for 4.75 mln usd in cash.
Texas-based Titan is a manufacturer of battlefield effects simulators. The
acquisition has been funded utilising existing bank facilities and will add to
Chemring's range of military training pyrotechnics, the company said.
"The acquisition [of Titan] is an important step to consolidate our leading
position in the battlefield effects stimulation market, which is a specialist
niche worth about 90 mln stg per year," David Price, Chemring's chief executive
said in a statement.
r.jones@thomson.com
rj/nes
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